our weekly retail vocabulary lesson
Private Brands: Own developed brands (white label) by retailers and or wholesalers, in order to compete with branded products. Those brand are only sold into their stores and offer bigger profits margins. They are less expensive for the consumer and create a close custom relation. More and more, we can see this house labels into the market and force the more branded products to reduce their prices, to compete with the house labels.
Variable Pricing: A form of calculating your prices, adapting your pricing strategy, to coincide with the current market fluctuations in cost or consumer demand.
Universal Product Code (UPC): It is a code (barcode), based on various thick and thin vertical stripes, mainly find on all consumer products, allowing the retailer to record data instantaneously on the products, size, color and the sales of his product. By using the scanner, all data is transmitted towards the central computer and allows the retailer to control his business better.